South African Reserve Bank considers to change coin series

[eurocoin]

The South African Reserve Bank has ordered a feasibility study to be carried out to determine whether it is possible to make changes to the mix of denominations the current coin series consists of. More specifically amongst other things the withdrawal of the 5 cents coin and the introduction of a 25 cents coin and 10 Rand coin are being considered

[<k>]

South Africa already has a 20 cents coin. Would it be withdrawn if a 25 cents coin is introduced? What is the point of withdrawing the 5 cents if something costs 1 rand and 20 cents, but you can't get change from a 25 cents coin?

And what has happened to the 1 cent coin and the 2 cents coins? Do they still circulate?

[Figleaf]

What is the point of withdrawing the 5 cents if something costs 1 rand and 20 cents, but you can't get change from a 25 cents coin?

That's what you have the study for. Either someone important wants a 25 cent piece or whoever ordered up the study doesn't have a brain (that happens among politicians.) The study will solemnly conclude that a 25 cent coin is a good idea, provided that the 10 cent coin is replaced by a 12½ cent coin but with a 10 cent coin, a 20 cent is a better choice (insert the usual tables and graphs). I could do the study in a week after contract (contract signed the day the file is complete and sent to me) @ €750 a day (I'll throw in free committee meetings if they pay travel, meals and lodging ) and that will be cheap and very, very fast.

Peter

[andyg]

1 and 2 cents have not been made since 2001,  5 cents were last made in 2012.  Perhaps they are just catching up with the legislation.

[<k>]

Thanks for the info. On this basis, introducing a 25c coin doesn't seem sensible.

[Figleaf]

You just saved the South African government 5 x €750 = €3750. Congratulations. They should give you a free of charge return ticket to Cape Town gratis without any payment.

Peter

[eurocoin]

The 1 and 2 cents coins are already no longer legal tender but can still be exchanged.The 5 cents coin is still legal tender and in circulation, even although as mentioned above no new coins have been produced for a long time.

The introduction of a 10 Rand coin (equals 50p) to me sounds like a good idea. It is currently a note and notes don't last very long. Because of the fairly low denomination there is no real need for it to be a note.

[FosseWay]

A 25c coin makes sense if you are going to withdraw the 10c (and therefore also the 20c). You then have 25c, 50c and R1 as the smallest denominations.

Sometimes it works the other way round: countries that traditionally have had a 25-subunit coin rather than a 20 find they need to change when the 5-subunit coin is withdrawn. This happened in Sweden - the 5 and 25 öre coins were withdrawn in the mid-1980s, leaving the 10 öre as the lowest value. For whatever reason it was decided not to issue a 20 öre coin instead, leaving a gap between 10 and 50, though this was not particularly internationally notable then. Germany had such a system and the UK had only recently issued the 20p.

In Norway and Denmark they chose to keep the 25 and 50 but bin everything smaller than that.

[Pabitra]

The South African Reserve Bank has ordered a feasibility study to be carried out to determine whether it is possible to make changes to the mix of denominations the current coin series consists of. More specifically amongst other things the withdrawal of the 5 cents coin and the introduction of a 25 cents coin and 10 Rand coin are being considered

Any progress or reference/ link?

[eurocoin]

Any progress or reference/ link?

I have no further information on progress in this regard.
The information, that was obtained directly from the South African Reserve Bank, is exclusive to World of Coins Forum and I wish it to remain that way.

[kena]

Namibia which uses the South African coins as well as their own coins stopped making 5 cent coins back in 2019 according to the Bank of Namibia.  Years that I know the 5 cent coin was made was 1993, 2002, 2007, 2009, 2012, and 2015 for the standard design and then 2002 for the Food Security 5 cent coin.  Friends in Namibia never saw the Food Security coin.

https://www.namibian.com.na/187887/archive-read/Nam-stops-5-cent-coin-production

The only year that Namibia has minted coins of each type was in 1993 - 5 cents, 10 cents, 50 cents, dollar, and 5 dollars.  They did make a 10 dollar coin in 2010 for circulation.

So I am not surprised that South Africa is following suit since Namibian 50 cent coin when you convert their money to UK pounds is 2 pence.

[Manfred1]

Friends in Namibia never saw the Food Security coin.

The 2000 FAO Horse Mackerel 5c coins are non-circulating commemorative coins.

The coins can only be obtained at Bank of Namibia at the cost of NAD 1.15 (makes no sense to use it as a 5c)

[redlock]

The 2000 FAO Horse Mackerel 5c coins are non-circulating commemorative coins.

The coins can only be obtained at Bank of Namibia at the cost of NAD 1.15 (makes no sense to use it as a 5c)

They can presently still be bought at Bank of Namibia?

[Manfred1]

They can presently still be bought at Bank of Namibia?

Yes, i recently, (last week) bought 50 coins.

[redlock]

Yes, i recently, (last week) bought 50 coins.

Congrats for getting them.